The global traffic sign recognition system market is projected to grow at a CAGR of 3.5%, from US$ 37.81 Million in 2022 to US$ 53.34 Million in 2032.
Owing to initiatives taken by governments and regulatory bodies across the world to ensure road safety and many other factors, the demand for traffic sign recognition systems will only increase in the times to come. Moreover, with even customers looking for vehicles that offer better safety features for their personal well-being, the sales of traffic sign recognition systems will upsurge.
| Report Attribute | Details |
|---|---|
| Traffic Sign Recognition System Market Value (2021) | US$ 36.53 Million |
| Traffic Sign Recognition System Market Value (2022) | US$ 37.81 Million |
| Traffic Sign Recognition System Market Value (2032) | US$ 53.34 Million |
| Traffic Sign Recognition System Market Projected Growth Rate (2022 to 2032) | 3.5% |
A traffic-sign recognition (TSR) system is a technology that can recognize a traffic sign placed beside the road, such as turn ahead, speed limit, etc.
A traffic sign recognition system uses a camera mounted on the vehicle's front to capture video of the roadside spaces. The process can be divided into two phases, which are detection and recognition. In the traffic sign detection process, the Traffic Sign Recognition System uses various methods to identify a road sign's characteristics like shape, color, etc.
With so much technology involved in the manufacturing of traffic sign recognition systems, and even these technologies getting evolved on a continuous basis, one thing is for sure even the traffic sign recognition system will be more sophisticated and will operate with high precision in the coming times. This will ensure higher demand for traffic sign recognition systems.
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From the customer's perspective, safety is the main reason why the sales of traffic sign recognition systems are expected to rise. With nearly 1.3 million road deaths in 2021 and 50 million injuries caused because of road accidents, the time is now when people have started adopting safety practices while traveling on the road through vehicles.
The traffic sign recognition system does just that and would give impetus to people who aspire to have safe travel. Moreover, in many developed and developing countries, looking at the previous cases of road accidents, the governments have made it mandatory to install a traffic sign recognition system to avoid accidents. If someone is seen not having installed the traffic sign recognition system, they will be charged with a penalty. All this indicates towards higher demand for traffic sign recognition systems.
Developing countries like India, China, etc., are investing huge amounts of money in technology and road safety. If the benefits of traffic sign recognition system are effectively conveyed to the people residing in such countries, the sales of traffic sign recognition system would certainly increase, and more and more people will act proactively.
A very important point to note over here is that the traffic sign recognition system is mainly used in autonomous cars. Companies like Google, Tesla, Apple, etc., are investing heavily in the development of these autonomous cars. Moreover, based on a study conducted, autonomous cars can reduce the chances of an accident by nearly 95%, as these cars are trained to be extremely careful while plying on the road. Governments are also encouraging people to use these autonomous cars as they run on electric batteries, as a result of which they do not emit harmful gases. Moreover, as these cars make use of a traffic sign recognition system, the chances of road mishaps are drastically reduced. Because of this, the demand for traffic sign recognition system will take an uptick.
However, the only challenge associated with the traffic sign recognition system may be visual recognition. There are times when the signboards may not display the sign clearly because of the wear and tear caused due to extreme weather conditions. Because of that, the system may not be in a position to decide the right course of action and may end up doing something undesirable. This is something on which the manufacturers should ponder upon and come up with a suitable solution.
Based on the regional analysis, North America remains the biggest market for traffic sign detection systems followed by Europe. The reason is stringent laws framed by the public authorities to avoid accidents, and also more disposable income for people living in these regions. Thus, North America has the highest market share, followed by Europe.
However, Asia Pacific is showing exponential growth in terms of purchasing traffic sign recognition systems, and would certainly have a relatively higher market share in the future. The reason being major developing countries like India, China, etc., have started taking measures to reduce road mishaps, and to control these incidences, people are buying vehicles that are equipped with such systems.
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The traffic sign recognition system has a considerable market size. Some of the key players in the traffic sign recognition system market are Ford Motor Company Ltd, DENSO CORPORATION, ZF Friedrichshafen AG, Robert Bosch GmbH, TOSHIBA ELECTRONIC DEVICES & STORAGE CORPORATION, Daimler AG, HELLA Aglaia Mobile Vision GmbH, Continental AG, Škoda Auto a.s., dSPACE GmbH, Magna International Inc., ELBIT, Elektrobit, Mobileye Corporation, Volkswagen.
Recently, Continental announced that it is prepared for developing high-level Advanced Driver Assistance systems, and these would function mainly on the principle of full stack solution. The full stack includes three pillars - the system and the software; the ecosystem; and the component business.
Also, ZF Friedrichshafen AG is all set to hire 5000 engineers in India with an aim to increase its market presence and share in the autonomous technologies market.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 3.5% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Billion, Volume in Kilotons, and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Countries Profiled |
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| Key Companies Profiled |
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| Customization | Available Upon Request |
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The expected CAGR over the forecast period is 3.5%.
North America is the largest market for the traffic sign recognition system.
The traffic sign recognition system market is expected to have a valuation of US$ 53.34 Million in 2032.
1. Executive Summary | Traffic Sign Recognition System Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and Their Roles
3.5.1.1. Producers
3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
3.5.1.3. Wholesalers and Distributors
3.5.2. Value Added and Value Created at Node in the Supply Chain
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyers
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.7.1. Profit Margin Analysis
3.7.2. Wholesalers and Distributors
3.7.3. Retailers
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.9.1. By Key Regions
3.9.2. By Key Countries
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032
4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2017 to 2021
4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2022 to 2032
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Application
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Application, 2017 to 2021
5.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Application, 2022 to 2032
5.3.1. Traffic Sign Detection
5.3.2. Blurring
5.3.3. Colour-based Detection
5.3.4. Shape-based Detection
5.3.5. Cropped and Extract Features
5.3.6. Separation
5.3.7. Traffic Sign Recognition
5.3.8. Tesseract
5.3.9. Support Vector Machine (SVM)
5.3.10. Others (Template matching, SIFT, etc.)
5.4. Y-o-Y Growth Trend Analysis By Application, 2017 to 2021
5.5. Absolute $ Opportunity Analysis By Application, 2022 to 2032
6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Vehicle Type
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Vehicle Type, 2017 to 2021
6.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Vehicle Type, 2022 to 2032
6.3.1. Passenger Cars
6.3.2. Commercial Vehicles
6.4. Y-o-Y Growth Trend Analysis By Vehicle Type, 2017 to 2021
6.5. Absolute $ Opportunity Analysis By Vehicle Type, 2022 to 2032
7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region
7.1. Introduction
7.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Region, 2017 to 2021
7.3. Current Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Region, 2022 to 2032
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. Middle East and Africa
7.4. Market Attractiveness Analysis By Region
8. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
8.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2017 to 2021
8.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2022 to 2032
8.2.1. By Country
8.2.1.1. USA
8.2.1.2. Canada
8.2.2. By Application
8.2.3. By Vehicle Type
8.3. Market Attractiveness Analysis
8.3.1. By Country
8.3.2. By Application
8.3.3. By Vehicle Type
8.4. Key Takeaways
9. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
9.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2017 to 2021
9.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2022 to 2032
9.2.1. By Country
9.2.1.1. Brazil
9.2.1.2. Mexico
9.2.1.3. Argentina
9.2.1.4. Chile
9.2.1.5. Peru
9.2.1.6. Rest of Latin America
9.2.2. By Application
9.2.3. By Vehicle Type
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By Application
9.3.3. By Vehicle Type
9.4. Key Takeaways
10. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
10.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2017 to 2021
10.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2022 to 2032
10.2.1. By Country
10.2.1.1. Germany
10.2.1.2. Italy
10.2.1.3. France
10.2.1.4. United Kingdom
10.2.1.5. Spain
10.2.1.6. Russia
10.2.1.7. BENELUX
10.2.1.8. Rest of Europe
10.2.2. By Application
10.2.3. By Vehicle Type
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Application
10.3.3. By Vehicle Type
10.4. Key Takeaways
11. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
11.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2017 to 2021
11.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2022 to 2032
11.2.1. By Country
11.2.1.1. China
11.2.1.2. Japan
11.2.1.3. South Korea
11.2.1.4. Rest of Asia Pacific
11.2.2. By Application
11.2.3. By Vehicle Type
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Application
11.3.3. By Vehicle Type
11.4. Key Takeaways
12. Middle East and Africa Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
12.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2017 to 2021
12.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2022 to 2032
12.2.1. By Country
12.2.1.1. GCC Countries
12.2.1.2. South Africa
12.2.1.3. Turkey
12.2.1.4. Rest of Middle East and Africa
12.2.2. By Application
12.2.3. By Vehicle Type
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By Application
12.3.3. By Vehicle Type
12.4. Key Takeaways
13. Key Countries Market Analysis
13.1. USA
13.1.1. Pricing Analysis
13.1.2. Market Share Analysis, 2021
13.1.2.1. By Application
13.1.2.2. By Vehicle Type
13.2. Canada
13.2.1. Pricing Analysis
13.2.2. Market Share Analysis, 2021
13.2.2.1. By Application
13.2.2.2. By Vehicle Type
13.3. Brazil
13.3.1. Pricing Analysis
13.3.2. Market Share Analysis, 2021
13.3.2.1. By Application
13.3.2.2. By Vehicle Type
13.4. Mexico
13.4.1. Pricing Analysis
13.4.2. Market Share Analysis, 2021
13.4.2.1. By Application
13.4.2.2. By Vehicle Type
13.5. Argentina
13.5.1. Pricing Analysis
13.5.2. Market Share Analysis, 2021
13.5.2.1. By Application
13.5.2.2. By Vehicle Type
13.6. Chile
13.6.1. Pricing Analysis
13.6.2. Market Share Analysis, 2021
13.6.2.1. By Application
13.6.2.2. By Vehicle Type
13.7. Peru
13.7.1. Pricing Analysis
13.7.2. Market Share Analysis, 2021
13.7.2.1. By Application
13.7.2.2. By Vehicle Type
13.8. Germany
13.8.1. Pricing Analysis
13.8.2. Market Share Analysis, 2021
13.8.2.1. By Application
13.8.2.2. By Vehicle Type
13.9. Italy
13.9.1. Pricing Analysis
13.9.2. Market Share Analysis, 2021
13.9.2.1. By Application
13.9.2.2. By Vehicle Type
13.10. France
13.10.1. Pricing Analysis
13.10.2. Market Share Analysis, 2021
13.10.2.1. By Application
13.10.2.2. By Vehicle Type
13.11. United Kingdom
13.11.1. Pricing Analysis
13.11.2. Market Share Analysis, 2021
13.11.2.1. By Application
13.11.2.2. By Vehicle Type
13.12. Spain
13.12.1. Pricing Analysis
13.12.2. Market Share Analysis, 2021
13.12.2.1. By Application
13.12.2.2. By Vehicle Type
13.13. Russia
13.13.1. Pricing Analysis
13.13.2. Market Share Analysis, 2021
13.13.2.1. By Application
13.13.2.2. By Vehicle Type
13.14. BENELUX
13.14.1. Pricing Analysis
13.14.2. Market Share Analysis, 2021
13.14.2.1. By Application
13.14.2.2. By Vehicle Type
13.15. China
13.15.1. Pricing Analysis
13.15.2. Market Share Analysis, 2021
13.15.2.1. By Application
13.15.2.2. By Vehicle Type
13.16. Japan
13.16.1. Pricing Analysis
13.16.2. Market Share Analysis, 2021
13.16.2.1. By Application
13.16.2.2. By Vehicle Type
13.17. South Korea
13.17.1. Pricing Analysis
13.17.2. Market Share Analysis, 2021
13.17.2.1. By Application
13.17.2.2. By Vehicle Type
13.18. GCC Countries
13.18.1. Pricing Analysis
13.18.2. Market Share Analysis, 2021
13.18.2.1. By Application
13.18.2.2. By Vehicle Type
13.19. South Africa
13.19.1. Pricing Analysis
13.19.2. Market Share Analysis, 2021
13.19.2.1. By Application
13.19.2.2. By Vehicle Type
13.20. Turkey
13.20.1. Pricing Analysis
13.20.2. Market Share Analysis, 2021
13.20.2.1. By Application
13.20.2.2. By Vehicle Type
14. Market Structure Analysis
14.1. Competition Dashboard
14.2. Competition Benchmarking
14.3. Market Share Analysis of Top Players
14.3.1. By Regional
14.3.2. By Application
14.3.3. By Vehicle Type
15. Competition Analysis
15.1. Competition Deep Dive
15.1.1. Ford Motor Company Ltd
15.1.1.1. Overview
15.1.1.2. Product Portfolio
15.1.1.3. Profitability by Market Segments
15.1.1.4. Sales Footprint
15.1.1.5. Strategy Overview
15.1.1.5.1. Marketing Strategy
15.1.1.5.2. Product Strategy
15.1.1.5.3. Channel Strategy
15.1.2. DENSO CORPORATION
15.1.2.1. Overview
15.1.2.2. Product Portfolio
15.1.2.3. Profitability by Market Segments
15.1.2.4. Sales Footprint
15.1.2.5. Strategy Overview
15.1.2.5.1. Marketing Strategy
15.1.2.5.2. Product Strategy
15.1.2.5.3. Channel Strategy
15.1.3. ZF Friedrichshafen AG
15.1.3.1. Overview
15.1.3.2. Product Portfolio
15.1.3.3. Profitability by Market Segments
15.1.3.4. Sales Footprint
15.1.3.5. Strategy Overview
15.1.3.5.1. Marketing Strategy
15.1.3.5.2. Product Strategy
15.1.3.5.3. Channel Strategy
15.1.4. Robert Bosch GmbH
15.1.4.1. Overview
15.1.4.2. Product Portfolio
15.1.4.3. Profitability by Market Segments
15.1.4.4. Sales Footprint
15.1.4.5. Strategy Overview
15.1.4.5.1. Marketing Strategy
15.1.4.5.2. Product Strategy
15.1.4.5.3. Channel Strategy
15.1.5. TOSHIBA ELECTRONIC DEVICES & STORAGE CORPORATION
15.1.5.1. Overview
15.1.5.2. Product Portfolio
15.1.5.3. Profitability by Market Segments
15.1.5.4. Sales Footprint
15.1.5.5. Strategy Overview
15.1.5.5.1. Marketing Strategy
15.1.5.5.2. Product Strategy
15.1.5.5.3. Channel Strategy
15.1.6. Daimler AG
15.1.6.1. Overview
15.1.6.2. Product Portfolio
15.1.6.3. Profitability by Market Segments
15.1.6.4. Sales Footprint
15.1.6.5. Strategy Overview
15.1.6.5.1. Marketing Strategy
15.1.6.5.2. Product Strategy
15.1.6.5.3. Channel Strategy
15.1.7. HELLA Aglaia Mobile Vision GmbH
15.1.7.1. Overview
15.1.7.2. Product Portfolio
15.1.7.3. Profitability by Market Segments
15.1.7.4. Sales Footprint
15.1.7.5. Strategy Overview
15.1.7.5.1. Marketing Strategy
15.1.7.5.2. Product Strategy
15.1.7.5.3. Channel Strategy
15.1.8. Continental AG
15.1.8.1. Overview
15.1.8.2. Product Portfolio
15.1.8.3. Profitability by Market Segments
15.1.8.4. Sales Footprint
15.1.8.5. Strategy Overview
15.1.8.5.1. Marketing Strategy
15.1.8.5.2. Product Strategy
15.1.8.5.3. Channel Strategy
15.1.9. Škoda Auto a.s.
15.1.9.1. Overview
15.1.9.2. Product Portfolio
15.1.9.3. Profitability by Market Segments
15.1.9.4. Sales Footprint
15.1.9.5. Strategy Overview
15.1.9.5.1. Marketing Strategy
15.1.9.5.2. Product Strategy
15.1.9.5.3. Channel Strategy
15.1.10. dSPACE GmbH
15.1.10.1. Overview
15.1.10.2. Product Portfolio
15.1.10.3. Profitability by Market Segments
15.1.10.4. Sales Footprint
15.1.10.5. Strategy Overview
15.1.10.5.1. Marketing Strategy
15.1.10.5.2. Product Strategy
15.1.10.5.3. Channel Strategy
15.1.11. Magna International Inc.
15.1.11.1. Overview
15.1.11.2. Product Portfolio
15.1.11.3. Profitability by Market Segments
15.1.11.4. Sales Footprint
15.1.11.5. Strategy Overview
15.1.11.5.1. Marketing Strategy
15.1.11.5.2. Product Strategy
15.1.11.5.3. Channel Strategy
15.1.12. ELBIT
15.1.12.1. Overview
15.1.12.2. Product Portfolio
15.1.12.3. Profitability by Market Segments
15.1.12.4. Sales Footprint
15.1.12.5. Strategy Overview
15.1.12.5.1. Marketing Strategy
15.1.12.5.2. Product Strategy
15.1.12.5.3. Channel Strategy
15.1.13. Elektrobit
15.1.13.1. Overview
15.1.13.2. Product Portfolio
15.1.13.3. Profitability by Market Segments
15.1.13.4. Sales Footprint
15.1.13.5. Strategy Overview
15.1.13.5.1. Marketing Strategy
15.1.13.5.2. Product Strategy
15.1.13.5.3. Channel Strategy
16. Assumptions & Acronyms Used
17. Research Methodology
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Traffic Sign Recognition System Market
